Consider the following inverse supply and inverse demand equation. What is the competitive equilibrium quantity? Inverse Demand: P = 45-3Q_d Inverse Supply: P = 10 +2Q_s (Reminder: Don't include negative signs in your response below if they are needed)
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- Draw a graph that indicates what happens in the market for hybrid cars when the price of gasoline increases from $2.50 to $5.00 per gallon. Answer the following questions: a) Does equilibrium output rise or fall? b) Does equilibrium price rise or fall? c) Suppose the supply of hybrid cars is perfectly inelastic. Draw a new graph and explain if and how the elasticity of supply changes your answers to parts “a” and “b”. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.page 3 of 30) - Work - Microsoft Edge Pelearn.squ.edu.om/mod/quiz/attempt.php?attempt=1741568&cmid=862538&page=2 ARNING SYSTEM (ACADEMIC) 8 B 7 S1 3 3 4 5 6 7 8 9 10 11 12 Cheeseburgers Figure 3.19 Refer to Figure 3.19. The market is initially in equilibrium at Point A. If supply shifts from S1 to S2 and the price of cheeseburgers remains constant at $5.00, there will be O a. an excess supply of 3 cheeseburgers. Ob. an excess demand of 6 cheeseburgers. an excess demand of 4 cheeseburgers. O d. an excess supply of 6 cheeseburgers. a pe here to search Cip Price ($)Looking for help on how you would go about solving the following problem: The following functions represent the demand and supply for hair cuts. QD=300-6P QS=2P-20 what demand function would accurately represent an increase in demand for hair cuts? QS=450-6P QD =150-6P QD =450-5P QD =450-6P
- ← Suppose the figure to the right illustrates the monthly demand for imported rugs at a local rug gallery. Suppose the price of rugs increases from $6,500 to $7,500. Total revenue before the price change is $ (Enter your response as an integer.) Total revenue after the price change is $. (Enter your response as an integer.) The change in total revenue is $ if appropriate.) The demand for imported rugs at this rug gallery is (Enter your response as an integer and include a minus sign over the given price range. Rent (dollars per month) 10,000- 9,000- 8,000- 7,000- 6,000- 5,000- 4,000 3,000- 2,000- 1,000- 0- of 0 B 10 20 30 40 50 60 Quantity 70 Demand 80 90 100 QDS Determinants of supply The following calculator shows the supply curve for sedans in an imaginary market. For simplicity, assume that all sedans are identical and sell for the same price. Two factors that affect the supply of sedans are the level of technical knowledge-in this case, the speed with which manufacturing robots can fasten bolts, or robot speed-and the wage rate that auto manufacturers must pay their employees. Initially, the graph shows the supply curve when robots can fasten 2,500 bolts per hour and autoworkers earn $25 per hour. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. PRICE (Thousands of dollars) 8 20 10 0 0 Supply 100 200 300 400 500 600 700 800 900 QUANTITY (Sedans per month) Graph Input Tool Supply for Sedans Price of a Sedan (Thousands of…Consider the special case of perfectly inelastic Demand. Describe exactly what this means and what the Demand Curve graph would look like. What would happen to equilibrium price and quantity if the Supply Curve shifted? What could cause perfectly inelastic Demand? Give an example or two of a product with almost perfectly inelastic demand. Do you think market price is a good allocative mechanism in such a situation?
- Suppose the supply and demand equation are given as follow: Demand: Qd=148-3*p Supply: Qs=15+2*p What's the equilibrium quantity?Thingamabob Sales Yaster Inc. is trying to enter the thingamabob market. The research department established the following price-demand, cost, and revenue functions: p(x) = 57 1.14x - Price- demand function Cost function C(x) = 215 + 11x R(x) = xp(x) = x(57 - 1.14x) where x is in thousands of thingamabobs and C(x) and R(x) are in thousands of dollars. The price p(x) is the price in dollars of one thingamabob when the demand is a thousand thingamabobs. All three functions have domain 1 ≤ x ≤ 50. Use this information to answer the questions below. Revenue functionHyundai Corporation is planning to host a K-Pop concert around the Christmas season. The expected demand curve is 1000-40P (Here P is the price). Hyundai is expecting its supply curve to be 100 + 10P. What is the equilibrium price and equilibrium quantity?
- In 2009, Netflix raised its prices by 10% and the number of Netflix customers fell by nearly 20% (assuming everything else was held constant) In 2019, Netflix raised its prices by 10% and the number of Netflix customers fell by only 2% (assuming everything else was held constant) 1) The price increase was the same, but Netflix lost much less customers on a percentage basis in 2019 versus 2009. Using supply and demand concepts, what could explain the difference in the decrease in number of customers on a percentage basis that Netflix lost in 2019 vs. 2009? Explain why. 2) Did Netflix come out better with the 2009 price increase or the 2019 price increase? Using concepts that you have learned about supply and demand, explain why Netflix's revenues and profits increased or decreased in 2009 and in 2019 due to the 10% price increase.Suppose that Felix and Janet are the only suppliers of collectible action figures in a particular market. The following table shows their annual supply schedules: Price (Dollars per action figure) 2 4 6 8 10 Felix's Quantity Supplied Janet's Quantity Supplied (Action figures) (Action figures) 0 4 6 8 10 10 18 24 28 30 On the following graph, plot Felix's supply of collectible action figures using the green points (triangle symbol). Next, plot Janet's supply of collectible action figures using the purple points (diamond symbol). Finally, plot the market supply of collectible action figures using the orange points (square symbol).Demand and supply often shift in the retail market for gasoline. Below are two demand curves and two supply curves for gallons of gasoline in the month of May in a small town in Maine. Some of the data are missing a. Use the following facts to fill in the missing data in the table. If demand is D1 and supply is S1, the equilibrium quantity is 7,000 gallons per month. When demand is D2 and supply is S1, the equilibrium price is $3.00 per gallon. When demand is D2 and supply is S1, there is an excess demand of 4,000 gallons per month at a price of $1.00 per gallon. If demand is D1 and supply is S2, the equilibrium quantity is 8,000 gallons per month. b. Compare two equilibriums. In the first, demand is D1 and supply is S1. In the second, demand is D1 and supply is S2. By how much does the equilibrium quantity change? By how much does the equilibrium price change? c. If supply falls from S2 to S1 while demand declines from D2 to D1, does the equilibrium price rise, fall, or stay the same?…
